San Leon Energy PLC (AIM:SLE, AQSE:SLE, OTC:SLGYF) told investors it has received €5.7mln following the successful conclusion of legal proceedings related to legacy interests in two royalties offshore Block Q13A which host the Amstel oil field offshore Netherlands.
Oil production from Amstel began in 2014 but no royalties were received. Subsequently, the royalty agreements became subject to separate legal proceedings, in the UK and Netherlands.
The company today announced that the legal proceedings have concluded, resulting in payments totalling more than €5.7mln including legal costs, and, that royalties will continue to be payable in accordance with the agreement.
It noted, meanwhile, that: “The royalty agreements represent legacy interests and any potential net future benefit to the company going forward from the Amstel Oil Field on a monthly basis is not expected to be particularly material to San Leon.”